Technology portfolio

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Cegid

Cegid is a leading European provider of cloud business management solutions.

Following the strategic combination of Grupo Primavera with leading software provider Cegid in 2022, the group continued to perform well into the first half of 2024. c.90% of revenues are now recurring with the installed base having largely migrated to SaaS. Cegid has made significant investment into the implementation of AI initiatives focused on increasing efficiencies within the Customer Support and Research and Development functions. In H1 2024, Cegid acquired software publisher EBP to further consolidate Cegid’s position in the European market for ERP software solutions, with a particular focus on small and medium-sized enterprises.

OCI valuation
Cegid

£104.5m

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WebPros

WebPros comprises of two of the most widely used web automation software platforms (cPanel and Plesk), simplifying the lives of developers and web professionals globally. Additional applications include web billing software, security, monitoring, marketing and e-commerce.

WebPros revenue and EBITDA growth was muted in the period due to general market softening which continued from 2023, however, the average revenue per licence (‘ARPL’) for the group increased 4% versus prior year. Despite lower growth, the business continues to achieve strong EBITDA margins of c.63% and remains highly cash generative.

OCI valuation
WebPros

£71.7m

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Man wearing hard hat, working at a computer on board a ship

Ocean Technologies Group

The leading provider of maritime e-learning and operational software worldwide.

Since Oakley’s initial investment in 2019, run-rate revenue and EBITDA have grown at a CAGR of 10% to June 2024. Significant progress has been made on the Ocean Learning Platform ('OLP') transition, with c.95% of the learning portfolio now migrated onto the OLP platform from the original Seagull and Videotel platforms. The group also continued to increase average customer yield, by up-selling the OLP and cross-selling Ocean's broader operational software product suite. In March 2024, Ocean completed the acquisition of regulatory intelligence provider, DanDocs, further extending Ocean’s product portfolio in the operational software suite. Post-period end, Oakley agreed the sale of Ocean, delivering a gross return of c.2.7x MM.

OCI valuation
Ocean Technologies Group

£54.0m

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Contabo

A leading cloud infrastructure provider offering hosting services to developers and SMEs, with over 330k customers from c.180 countries.

Contabo Group delivered revenue growth of 10% in the LTM period to June 2024, versus prior year. After a slowing of growth in 2023, latest trading has been strong, primarily driven by the VPS product which has delivered three quarters of consecutive subscription inventory growth since the last repricing. G-Portal, the gaming business, has also had a strong start to the year, with an active customer base 26% higher than the prior year. A new data centre in Lauterbourg (France) has opened in August.

OCI valuation
Contabo

£39.0m

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Seedtag

A leader in contextual advertising.

Seedtag continued to perform well in H1 2024, with revenue growth over 50% versus prior year. Management continues to be focused on international growth as well as product diversification and has completed two bolt-on acquisitions in the period to support this. The acquisition of JustEggs will see Seedtag enter the Australian market, unlocking further growth in the region, whilst the acquisition of Beachfront will strengthen Seedtag’s Connect TV offering, leveraging the business’ advanced technology and premium inventory.

OCI valuation
Seedtag

£11.0m

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Alerce

A leading Spanish provider of transport and logistics software solutions.

Alerce, acquired in March 2024, is a leading Spanish provider of transport and logistics software solutions. In the period to June 2024, Alerce delivered revenue growth of 3% versus prior year, with the key driver being recurring revenue growth of 11%, leading to a gradual revenue mix improvement. In line with the organic value creation plan, management is working on professionalising its go-to-market through enhanced top of funnel opportunity mapping, account management and share of wallet analysis. The business is also gaining traction on M&A, having signed its first add-on post-period end - WeMob which provides fleet management and telematics SaaS solutions.

OCI valuation
Alerce

£9.9m

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Horizons Optical

A provider of progressive lens design software solutions for lens manufacturers.

Horizons Optical, acquired in April 2024, is a provider of medical software used to make premium spectacle lenses. Founded in Barcelona in 2017, Horizons' proprietary and patented software is used by independent laboratories around the world to manufacture bespoke, 'progressive' lenses that can correct a range of eye conditions including short, mid and far sightedness as well as astigmatism, all in one lens. Since acquisition, Horizons continues to show strong topline growth, delivering 19% growth for the six months to June 2024 versus the same period last year, driven by both existing clients and new accounts. Positive performance was also delivered across both the manufacturing and retail divisions of the business.

OCI valuation
Horizons Optical

£8.7m

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ECOMMERCE ONE

A leading provider of e-commerce software in the DACH region.

The ECOMMERCE ONE group continued to perform well in H1 2024, delivering proforma revenue and adjusted EBITDA growth of 14% and 71% respectively versus prior year, with the two key businesses in the group, Afterbuy and Dreamrobot, having achieved monthly recurring revenue uplifts ('MRR') of >40% following the implemented price increases. Average contract duration also increased to over 3 years at Afterbuy and over 2 years at Dreamrobot, further improving the quality of revenues.

OCI valuation
ECOMMERCE ONE

£8.0m

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OCI valuation
World Host Group

£6.6m

World Host Group

A leading global webhosting and domain name provider.

In H1 2024, Oakley signed the merger of Webcentral with World Host Group ('WHG'), a European shared hosting consolidator. The WHG management team will spearhead the newly merged entity, initially concentrating on the organisational expansion required to support its roll-up strategy. Thus far, significant progress has been made in establishing a scalable technological and organisational platform designed to streamline the acquisition and integration of new assets. This foundation will empower WHG to fully execute its M&A strategy in the coming years. In the first half of 2024, WHG achieved revenue consistent with prior year, while delivering a slightly higher EBITDA.

daisy website shown on laptop screen

Daisy

The largest independent specialist communications business in the UK.

Following the demerger and sale of Daisy’s DCS division to Wavenet which signed in May 2025 and completed post-period end, the SME division became the sole remaining trading division of Daisy concentrating on business customers with less than 250 employees. Trading for the first six months to June 2024 in the SME division is up on the prior year at both the revenue and EBITDA level as a result of strong Cloud & Hosting performance, with the business continuing to explore acquisition opportunities.

OCI valuation
Daisy

£1.7m

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